Revision: Jan. 24, 2023, 11:19 a.m.
SB 202-FN-A - AS INTRODUCED
SENATE BILL 202-FN-A
SPONSORS: Sen. Ricciardi, Dist 9; Sen. Chandley, Dist 11; Sen. Fenton, Dist 10; Sen. Gannon, Dist 23; Sen. Perkins Kwoka, Dist 21; Sen. Prentiss, Dist 5; Sen. Rosenwald, Dist 13; Sen. Watters, Dist 4; Sen. Whitley, Dist 15
This bill establishes a homeownership innovations fund within the New Hampshire housing finance authority and makes an appropriation thereto.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty Three
Be it Enacted by the Senate and House of Representatives in General Court convened:
I. Homeownership is a key component of the American dream;
II. There is a significant shortage of available housing in the Granite State;
III. Costs of homeownership are rapidly increasing, making it impossible for many families to buy their first home;
IV. There is an urgent need for innovations in the construction and financing of new entry-level homes.
2 New Subdivision; Housing Finance Authority; Homeownership Innovations Fund. Amend RSA 204-C by inserting after section 92 the following new subdivision:
Homeownership Innovations Fund
204-C:93 Homeownership Innovations Fund. There is hereby established within the authority a homeownership innovations fund. Government appropriations and any other revenues deposited into the fund shall not be deemed to be money received on account of the state, and nothing in this subdivision shall be understood as pledging the faith and credit of the state.
204-C:94 Fund Purpose.
I. The homeownership innovations fund shall be used by the authority to make grants and loans to eligible applicants for the purpose of fostering innovations in the development and financing of entry-level homes for owner occupancy.
II. The authority shall consider a wide range of alternatives and solutions to affordable entry-level homeownership, including such approaches as 3D printing of homes, low cost and highly sustainable sources of energy and energy efficiency, and other concepts that will provide New Hampshire homeowners with the most advanced and most affordable alternatives available.
III. Housing that is created or financed using the fund shall be affordable for and intended for purchase by an individual or a family with an income that does not exceed the median income for the geographic area in which the home is to be purchased.
IV. The authority may use up to 5 percent of any funds deposited in the homeownership innovations fund for program administration.
204-C:95 Definitions. For this subdivision:
I. “Eligible applicants” mean:
(a) Nonprofit corporations which have obtained or are in the process of obtaining tax exempt status pursuant to section 501(c)(3) of the United States Internal Revenue Code. The authority shall not enter into any final grant or loan contract with a nonprofit corporation until the corporation's tax exempt status has been obtained.
(b) Consumer cooperatives created pursuant to RSA 301-A which limit the equity value of cooperative shares.
(c) For-profit partnerships, corporations, limited liability companies, proprietorships, or joint venture enterprises and all other business organizations.
(d) Individuals and families.
II. “Geographic area” means the county in which the property is to be purchased or such other area as the authority shall determine.
204-C:96 Rulemaking. Pursuant to RSA 204-C:53, the authority may adopt rules governing the homeownership innovations fund.
3 Appropriation. The sum of $5,000,000 for the biennium ending June 30, 2025 is appropriated to the housing finance authority for deposit in the homeownership innovations fund established pursuant to RSA 204-C:93. The governor is authorized to draw a warrant for said sum out of any money in the treasury not otherwise appropriated.
SB 202-FN-A- FISCAL NOTE
FISCAL IMPACT: [ X ] State [ ] County [ X ] Local [ ] None
Estimated Increase / (Decrease)
[ X ] General [ ] Education [ ] Highway [ X ] Other - Homeownership Innovation Fund
This bill creates the Homeownership Innovation (HI) Fund within the Housing Finance Authority. This fund shall be used to make grants and loans to eligible applicants for the purpose of fostering innovations in the development and financing of entry-level homes for owner occupancy. The Housing Finance Authority may use up to 5 percent of any funds deposited in to the HI Fund for program administration. This bill also appropriates $5,000,000 to the Housing Finance Authority for deposit into the HI Fund for the biennium ending June 30, 2025.